DBS Group Holdings plans to expand its team of private bankers in Hong Kong, where the bank is witnessing a growing influx of funds from mainland China and Taiwan, according to Sebastian Paredes, the head of North Asia business.
During an interview, Mr. Paredes revealed that DBS Group Holdings has amassed nearly 1,200 clients from mainland China this year alone. Additionally, he noted "substantial" inflows from Taiwan over the past year, although he did not provide further details on this matter. “We continue to hire,” said Mr Paredes, who is also chairman of the bank’s China unit. “This year, for example, we are expanding more than 25 percent our headcount in private banking business alone”, he said.
As several established international banks in Hong Kong downsize their operations, Singapore's leading financial institution is seizing the opportunity to expand its presence. DBS has overtaken Credit Suisse to become the third-largest private bank in Asia, excluding onshore China, boasting assets under management totaling approximately US$201 billion (S$271 billion), as reported by Asian Private Banker. In 2023, the bank witnessed a notable 12% increase in the total headcount of relationship managers, reaching 730 individuals, surpassing that of HSBC, according to the publication's findings.
Mr. Paredes commended the Hong Kong government for its initiatives aimed at bolstering the city's reputation as a premier destination for mainland Chinese tourists seeking entertainment and leisure activities. However, he cautioned that Hong Kong is encountering stiff competition in the tourism sector from nations like Japan, where the appeal of a depreciating yen has diverted the attention of travelers.